Morning Insights 29th May

Simon Alagbe

Analyst

Instrument: EURUSD

Intraday: Bullish

Technical Analysis

Preference: Buy position is envisaged if price trades above 1.11200 with take profit at 1.11360.

Alternative scenario: Sell position is envisaged if price trades below 1.10560 with take profit at 1.10400

Fundamentals:

Chicago PMI  (USD) 2:45 pm

Revised UoM Consumer Sentiment (USD)  3:00pm      

Fed Chair Powell Speaks (USD) 4:00 pm   

 President Trump Speaks  (USD)  Tentative 

Comment: The US-Sino trade war escalating during a pandemic has dampened the strength of the Greenback against a basket of currencies, the Euro inclusive and it's expected to peak and test previously tested resistance levels at 1.11360 hence the bullish bias.




Instrument: OIL

Intraday: Bearish

Technical Analysis

Preference: Sell position is envisaged if price trades below 35.33 with take profit at 34.83.

Alternative scenario: Buy position is envisaged if price trades above 35.85 with take profit at 36.54.

Fundamentals:

Baker Hughes Oil Rig Count (US) 6 pm 

Comment: Despite global optimism on economic recovery from COVID 19, tensions between the U.S and China has again escalated and Russia’s unique ability to be autonomous to any OPEC supply cut agreement has dampened the demand for oil globally. 

Use your preferred trading platform

Register Now


Payment Options

What Clients Say?